Asian Paints Ltd. share price target

Background: Asian Paints is the largest paint company in India with a market share of 50% within organised players and ranks among the top 10 decorative coating companies globally. It operates in 17 countries with 24 manufacturing facilities. Further, through subsidiaries - Berger International Limited, Apco Coatings, SCIB Paints and Taubmans it is also present in the international markets. Domestic operations however account for a predominant share of its profits. Asian Paints has ~28,000 dealers...

Asian Paints' Q4FY15 numbers were significantly below expectations, as volume growth slumpedforthesecondsuccessivequarter;this,anduninspiringmanagementcommentary on margins and pricing indicates that challenges are significantly higher than our and...

Asian Paints revenue grew a mere 6.9% YoY to Rs 35.4bn. Impacted by sluggish demand environment, volumes grew a paltry ~4% YoY in the domestic decorative business. In addition, EBITDA margin expansion of 115bps YoY (15.8%) was well below expectation. APAT grew by 16.1% to Rs 3.4bn.

Asian Paint's (APL) Q4FY15 results came below our estimates (1) revenue jumped 6.9% YoY to Rs35.4 bn Vs est of Rs36.5 bn (2) Operating profit increased 17.7% YoY to Rs5.6 bn Vs est of Rs6.2 bn(3) Operating margin expanded by 140 bps YoY to 15.8% vs est of 17% and (4) APAT grew 19.5% YoY to Rs3.4 bn Vs est of Rs3.8bn.

Background: Asian Paints is the largest paint company in India with a market share of 50% within organised players and ranks among the top 10 decorative coating companies globally. It operates in 17 countries with 24 manufacturing facilities. Further, through subsidiaries - Berger International Limited, Apco Coatings, SCIB Paints and Taubmans it is also present in the international markets. Domestic operations however account for a predominant share of its profits. Asian Paints has ~28,000...

Background: Asian Paints is the largest paint company in India with a market share of 50% within organised players and ranks among the top 10 decorative coating companies globally. It operates in 17 countries with 24 manufacturing facilities. Further, through subsidiaries - Berger International Limited, Apco Coatings, SCIB Paints and Taubmans it is also present in the international markets. Domestic operations however account for a predominant share of its profits. Asian Paints has ~28,000 dealers...

Background: Asian Paints is the largest paint company in India with a market share of 50% within organised players and ranks among the top 10 decorative coating companies globally. It operates in 17 countries with 24 manufacturing facilities. Further, through subsidiaries - Berger International Limited, Apco Coatings, SCIB Paints and Taubmans it is also present in the international markets. Domestic operations however account for a predominant share of its profits. Asian Paints has ~28,000 dealers...

is the largest paint company in India w ith a market share of 50% w ithin organised players and ranks among the to p 10 decorative coating companies globally. It operates in 17 countries w ith 24 manufacturing facilities. Further, through subsidiaries - Berger International Limited, Apco Coatings, SCIB Paints and Taubmans it is also present in the international markets. Domestic operations however account for a predominant share of its profits. Asian Paints has ~28,000 dealers...

is the largest paint company in India w ith a market share of 50% w ithin organised players and ranks among the top 10 decorative coating companies globally. It operates in 17 countries w ith 24 manufacturing facilities. Further, through subsidiaries - Berger International Limited, Apco Coatings, SCIB Paints and Taubmans it is also present in the international markets. Domestic operations however account for a predominant share of its profits. Asian Paints has ~28,000 dealers...

Background: Asian Paints is the largest paint company in India with a market share of 50% within organised players and ranks among the top 10 decorative coating companies globally. It operates in 17 countries with 24 manufacturing facilities. Further, through subsidiaries - Berger International Limited, Apco Coatings, SCIB Paints and Taubmans it is also present in the international markets. Domestic operations however account for a predominant share of its profits. Asian Paints has ~28,000 dealers...